GreenWaste launches $400 million term loan at Libor plus 350-375 bps

By Sara Rosenberg

New York, Oct. 15 – GreenWaste Recovery launched on Friday its $400 million seven-year covenant-lite term loan B with price talk of Libor plus 350 basis points to 375 bps with a 0.5% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

The company’s $500 million of credit facilities (B2/B+) also include a $100 million five-year revolver.

Truist Securities, RBC Capital Markets, Fifth Third and MUFG are the joint lead arrangers on the deal.

Commitments are due on Oct. 28, the source added.

Proceeds will be used to help fund the acquisition of the company by MIP V, a fund managed by Macquarie Asset Management.

GreenWaste is a San Jose, Calif.-based provider of solid waste collection and recycling solutions for homes and businesses.

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